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Business Standard
17 hours ago
- Business
- Business Standard
NCLAT rejects Byju's plea on Aakash shareholding status quo directive
The National Company Law Appellate Tribunal (NCLAT) has dismissed a petition filed by the resolution professional (RP) of Think & Learn Pvt Ltd (TLPL), the parent firm of edtech major Byju's, which had challenged a National Company Law Tribunal (NCLT) order directing the maintenance of status quo in the shareholding of Aakash Educational Services Ltd (AESL). A two-member Bench of the appellate tribunal, comprising Justice Sharad Kumar Sharma and technical member Jatindranath Swain, said the NCLT's order was a 'consensual' and 'interlocutory' direction, and did not warrant appellate intervention at this stage. 'Since the impugned order takes the shape of an interlocutory order, which is not deciding any of the rights of the parties, coupled with the fact that the order takes the shape of a consenting order, no interference is called for,' the Bench noted. Aakash shareholding row linked to equity raising The dispute stems from equity fundraising plans by AESL, in which TLPL holds a 25 per cent stake. TLPL's RP moved the NCLAT after the NCLT's Chennai Bench passed an interim order on March 27 directing the maintenance of status quo in the company's shareholding structure. A challenge to this order by AESL led to a Karnataka High Court judgment on April 8, which set aside the NCLT's interim directive and remanded the case for fresh hearing. At the NCLT's subsequent hearing on April 30, TLPL's counsel Abhinav Vasisht argued that the company's stake was being diluted despite the previous directive and raised concerns over hypothecation of AESL assets and alterations to the Articles of Association that protected TLPL's interests. Also Read: Due to the complexity of the submissions and the court's approaching summer break, the NCLT passed a consent order maintaining the current shareholding pattern until TLPL's application for interim relief could be fully heard. Challenging this consent order, TLPL's RP approached the NCLAT. However, the appellate tribunal ruled that the directive was non-final and did not infringe upon substantive rights. 'Thus, the instant Company Appeal (AT) (CH) No. 68 / 2025 lacks merits and the same is accordingly dismissed,' the order stated. The development is the latest in a series of legal entanglements involving Byju's. The Supreme Court has admitted the pleas but stayed the NCLT proceedings against them, directing parties to maintain status quo for two weeks pending further hearings.
Hans India
17 hours ago
- Business
- Hans India
NCLAT dismisses Byju's RP plea over status quo on Aakash shareholding
The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea filed by the Resolution Professional (RP) of the Think and Learn Private Limited (TLPL), the parent company of edtech firm Byju's, against an earlier order by the National Company Law Tribunal (NCLT). The NCLT had directed that the shareholding in Aakash Educational Services should remain unchanged until further hearings. A two-member bench of the NCLAT, comprising Justice Sharad Kumar Sharma and Jatindranath Swain, observed that the NCLT's direction was an interim, or interlocutory, order and appeared to be a "consensual" one. Therefore, there was no need for the appellate tribunal to intervene at this stage, it said. "Since the impugned order takes the shape of an interlocutory order, which is not deciding any of the rights of the parties, coupled with the fact that the order takes the shape of a consenting order, no interference is called for by this Tribunal in the exercise of its Appellate Jurisdiction at this stage," the NCLAT stated. The dispute arose from concerns over equity fundraising activities by Aakash Educational Services, in which TLPL holds a 25 per cent stake. On March 27, the NCLT had directed all parties to maintain the status quo regarding Aakash's shareholding until the next hearing. The TLPL, through its Resolution Professional, later challenged this direction before the Chennai bench of the NCLAT. Meanwhile, the matter also reached the Karnataka High Court, and on April 8, it set aside the NCLT's earlier order and sent the case back to the insolvency tribunal. During the next NCLT hearing on April 30, the TLPL's counsel, senior advocate Abhinav Vasisht, raised concerns that the TLPL's shareholding in Aakash was being diluted and that important assets were being hypothecated. He further claimed that changes had been made to the Articles of Association of Aakash, which had earlier protected the TLPL's interests. Given the complexity of the case and the upcoming summer break, the NCLT passed a temporary 'consent order' on April 30. The order stated that the TLPL's shareholding in Aakash should not be diluted until the tribunal could fully hear the matter. However, the TLPL again challenged this interim direction, arguing that their concerns were not being fully addressed. The NCLAT, after hearing the appeal, concluded that the NCLT's order was not final and did not warrant intervention. As a result, the appellate tribunal dismissed the TLPL's appeal.
Time of India
20 hours ago
- Business
- Time of India
NCLAT rejects Byju's resolution professional's petition in Aakash shareholding row
The National Company Law Appellate Tribunal ( NCLAT ) has dismissed a plea filed by Resolution Professional of Think & Learn, which owns edtech brand Byju's , challenging an NCLT order directing to maintain status quo regarding the company's stake in Aakash Educational Services . A two-member NCLAT bench said that since the NCLT order is "consensual" an an interlocutory order, which is not deciding any of the rights of the parties, no interference is called for by the appellate tribunal at this stage. "Since the impugned order takes the shape of an interlocutory order, which is not deciding any of the rights of the parties, coupled with the fact that the order takes the shape of a consenting order, no interference is called for by this Tribunal in the exercise of its Appellate Jurisdiction at this stage," said NCLAT. TLPL , through its RP, had moved the Chennai bench of NCLAT against the NCLT direction not to alter the shareholding, against the backdrop of plans of equity fund raising by Aakash Educational Services. On March 27, the National Company Law Tribunal (NCLT) had passed an interim order directing to maintain status quo in respect of Aakash Educational Services as on date, till next date of hearing. Live Events The order was challenged by Aakash before the High Court of Karnataka, which, after hearing both sides, on April 8, 2025 set aside the interim order granted by NCLT and remitted the matter to the insolvency tribunal. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories This was brought to the notice of NCLT in its next hearing on April 30, 2025, where Abhinav Vasisht, Senior Counsel for Resolution Professional, alleged that not only dilution of shareholding of TLPL in Aakash was continuing but also vital assets of the company have been hypothecated. The Articles of Association of Aakash, which protect the interest of TLPL have been materially altered, he said, while submitting that the interest of TLPL needs to be protected in all the areas of concern. However, observing that any interim relief would not be possible as it required detailed submissions and the forthcoming summer vacation, NCLT passed a consent order, directing that stake of TLPL will not be diluted in Aakash. ".... but in the given facts and circumstances particularly when the matter is yet to be fully heard we would confine to passing a consent order that the shareholding of the Petitioner (TLPL) in the Respondent No.1 Company (percentage wise) be not diluted till the prayer of the Petitioner (TLPL) for interim reliefs are heard and decided by this Tribunal on the next date to be fixed," said NCLT while passing a three-page interim order on April 30. TLPL has 25 per cent shareholding in Aakash Educational Services. This order was challenged by TLPL through its RP before the appellate tribunal NCLAT, which declined to interfere in this, saying that the order passed by NCLT seems to be a "consensual order" and interlocutory in nature. "Thus, the instant Company Appeal (AT) (CH) No. 68 / 2025 lack merits and the same is accordingly dismissed," said NCLAT bench comprising Members Justice Sharad Kumar Sharma and Jatindranath Swain.
Mint
21 hours ago
- Business
- Mint
NCLAT rejects Byjus resolution professionals petition in Aakash shareholding row
New Delhi, Jun 8 (PTI) The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea filed by Resolution Professional of Think & Learn, which owns edtech brand Byju's, challenging an NCLT order directing to maintain status quo regarding the company's stake in Aakash Educational Services. A two-member NCLAT bench said that since the NCLT order is "consensual" an an interlocutory order, which is not deciding any of the rights of the parties, no interference is called for by the appellate tribunal at this stage. "Since the impugned order takes the shape of an interlocutory order, which is not deciding any of the rights of the parties, coupled with the fact that the order takes the shape of a consenting order, no interference is called for by this Tribunal in the exercise of its Appellate Jurisdiction at this stage,' said NCLAT. TLPL, through its RP, had moved the Chennai bench of NCLAT against the NCLT direction not to alter the shareholding, against the backdrop of plans of equity fund raising by Aakash Educational Services. On March 27, the National Company Law Tribunal (NCLT) had passed an interim order directing to maintain status quo in respect of Aakash Educational Services as on date, till next date of hearing. The order was challenged by Aakash before the High Court of Karnataka, which, after hearing both sides, on April 8, 2025 set aside the interim order granted by NCLT and remitted the matter to the insolvency tribunal. This was brought to the notice of NCLT in its next hearing on April 30, 2025, where Abhinav Vasisht, Senior Counsel for Resolution Professional, alleged that not only dilution of shareholding of TLPL in Aakash was continuing but also vital assets of the company have been hypothecated. The Articles of Association of Aakash, which protect the interest of TLPL have been materially altered, he said, while submitting that the interest of TLPL needs to be protected in all the areas of concern. However, observing that any interim relief would not be possible as it required detailed submissions and the forthcoming summer vacation, NCLT passed a consent order, directing that stake of TLPL will not be diluted in Aakash. ".... but in the given facts and circumstances particularly when the matter is yet to be fully heard we would confine to passing a consent order that the shareholding of the Petitioner (TLPL) in the Respondent No.1 Company (percentage wise) be not diluted till the prayer of the Petitioner (TLPL) for interim reliefs are heard and decided by this Tribunal on the next date to be fixed," said NCLT while passing a three-page interim order on April 30. TLPL has 25 per cent shareholding in Aakash Educational Services. This order was challenged by TLPL through its RP before the appellate tribunal NCLAT, which declined to interfere in this, saying that the order passed by NCLT seems to be a "consensual order" and interlocutory in nature. "Thus, the instant Company Appeal (AT) (CH) No. 68 / 2025 lack merits and the same is accordingly dismissed," said NCLAT bench comprising Members Justice Sharad Kumar Sharma and Jatindranath Swain.
